What is 'promise to pay' in SAP FI-CA - Contract Accounts Receivable and Payable?

promise to pay - Overview

• Component: FI-CA

• Component Name: Contract Accounts Receivable and Payable

• Description: The customer's written agreement to make future payments of receivables owed.

promise to pay - Details

• 
  Key Concepts: 
  Promise to Pay is a feature of the FI-CA Contract Accounts Receivable and Payable component of SAP. It allows customers to make a promise to pay an invoice at a later date, which is then recorded in the system. This feature helps businesses manage their accounts receivable and ensure that customers are paying their invoices on time. 
  
  How to use it: 
  To use the Promise to Pay feature, customers must first enter their promise to pay into the system. This can be done either manually or through an automated process. Once the promise is entered, it will be recorded in the system and can be monitored by the business. The business can then use this information to track customer payments and ensure that they are being paid on time. 
  
  Tips & Tricks: 
  When using the Promise to Pay feature, it is important to ensure that all promises are entered accurately and in a timely manner. This will help ensure that customers are paying their invoices on time and that the business is not losing out on any potential revenue. Additionally, businesses should also keep track of any changes in customer payment terms or promises so that they can adjust their accounts receivable accordingly. 
  
  Related Information: 
  The Promise to Pay feature is part of the FI-CA Contract Accounts Receivable and Payable component of SAP.